ACCA Africa Director emphasizes Government’s crucial role in ensuring compliance with sustainability standards
During the thought-provoking ACCA-ICAG Sustainability In Ghana Programme held on July 20, 2023, Jamil Ampomah, the Africa Director for the Association of Chartered Certified Accountants (ACCA), shed light on the integral role of government in upholding and enforcing sustainability standards. Recognizing the organizational framework of ICAG, which ultimately reports to the government, Mr Ampomah stressed the significance of aligning with national laws and regulations to ensure robust and effective sustainability practices.
Mr Ampomah commended ICAG’s proactive approach in setting up a dedicated steering committee to drive the implementation of sustainability standards, with an ambitious target of commencing the process on January 1, 2023. Encouragingly, he observed that all the necessary wheels appeared to be in motion, signaling a promising trajectory toward sustainability compliance.
Addressing the critical aspect of government accounting reporting, he underscored the need for it to mirror the principles of sustainable reporting. By adhering to standardized sustainability frameworks, Government accounting can contribute to a comprehensive portrayal of the nation’s performance, reflecting its commitment to sustainable practices.
The ACCA Africa Director expressed optimism and confidence in the government’s active participation, citing ongoing interactions with key stakeholders such as the Registrar General, Stock Exchange, and other regulatory bodies. The cohesive and interconnected efforts of the government machinery, he believed, were propelling the nation toward a sustainable future.
Emphasizing the universal applicability of sustainability reporting, Mr Ampomah emphasized its relevance across organizations of all sizes, including small and medium-sized enterprises (SMEs). In his view, sustainability reporting not only offers a holistic view of an organization’s performance but also provides a plethora of advantages regardless of its scale. However, he noted that the efficacy of reporting hinged on the skillful execution of compliance, an area where ICAG’s guidance plays a pivotal role in ensuring that organizations fulfill their obligations adequately.
ACCA’s commitment to promoting sustainability reporting transcends the realm of mere regulatory compliance. Mr Ampomah underscored the broader objective of nurturing a reporting culture that benefits not only the organizations themselves but also society at large. By fostering a culture where sustainability reporting is perceived as beneficial rather than obligatory, the collective impact on society and the environment can be substantial.
Summing up the essence of ACCA and ICAG’s joint mission, Mr Ampomah reiterated that sustainability reporting offers a plethora of advantages, both to organizations and society as a whole. The two esteemed institutions, ACCA and ICAG are actively championing the cause of sustainability through extensive engagements and interactions, laying the groundwork for an increasingly sustainable and responsible future for Ghana.
The ACCA-ICAG Sustainability In Ghana Programme served as an instrumental platform to articulate the critical role of chartered accountants in driving the sustainability agenda. The event reaffirmed the united commitment of ACCA and ICAG towards a prosperous and sustainable Ghana, where the principles of accountability, transparency, and ethical practices converge to build a better future for all stakeholders.
